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<br />Item No: 6 <br />Meeting Date: 7/6/04 <br />Type of Business: WS <br />Administrator Review: _____ <br />City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Mary Burg, Golf Course Manager <br />Item Title/Subject: Golf Course Study Update <br /> <br />Introduction: <br /> <br />This report is to provide the City Council updated information regarding the <br />research for solutions to the fiscal concerns at The Bridges of Mounds View <br />Golf Course and Learning Center. <br /> <br />Background: <br /> <br />The City has recognized as a priority the need to explore solutions to the <br />problem of the Golf Course financing. The ultimate goal is to bring resolution to <br />the financial issues at the golf course. There are many options, however we <br />need to identify the restrictions. <br /> <br />Analysis: <br /> <br />The City Council has requested staff to search for additional information <br />regarding the opportunity for development on the golf course parcels. The <br />issue is a concern regarding the public purpose language on the title. <br />The City’s attorney has given the opinion that the finding the clarification on the <br />encumbrances associated with the title could be identified by a title insurance <br />company. The first step would be research of the title, an abstract search, <br />examination and name search is also required. Staff explored costs <br />associated with title research. The preliminary cost estimates reflects a <br />separate cost per parcel, and are as follows: <br /> <br />1. Title Commitment $600 <br />2. Examination Fee: $200 <br />3. Abstract Fee: $200 <br />4. Name Search $ 25 <br /> <br />The Title Insurance Policy is valued at $0.75/1000 value, or approximately <br />$7,000. Title insurance policy would be needed if the property was to be <br />developed. The fees paid for the primary exam, abstract, and name search <br />would be credited toward a title insurance policy if purchased at a later date. <br />This does not entirely answer questions in regard to the restrictions, however <br />the title company can help the City through the process. The title company will <br />give direction how to have clear registration. Until we know what is required <br />we cannot know to accomplish this task. The title company will work with the